Common Partnership Challenges

I’ve had one official business partnership during my coaching and consulting career. I met Barbara (alias) in 2001 through a women’s business organization. We didn’t really know each other well but we both thought creating a partnership to offer “personal branding services” would benefit each of us. I would provide the system, she would provide communications and presentation training. To round out our offering we decided to contract with an image consultant. We had a very thin written agreement that mainly stated we were equal partners. We agreed we would put together a personal branding program that we would package and market through our mutual networks.

Unfortunately, Barbara had no network. I assumed she had one, but I didn’t think to ask before we shook hands. She looked to me to create the program, develop the marketing and get people to sign up. Plus I had the business background, so she figured I should handle the books also. After being in business only about nine months, Barbara’s husband became suddenly ill and she had to take care of him round the clock. We decided to dissolve the partnership. Obviously it was headed for eventual problems, so it’s fortunate we had another reason to disband. [Read more…]